Your favorite employee, the one you have come to depend upon for exceptional work, has given their notice. Resist your initial impulse to scream, shout, and stomp your feet, because it is not the end of the world, and it could be the beginning of something even better.

Remaining calm is very important. Your company will continue on, though it doesn’t feel that way initially.

“No one employee’s departure will mean the demise of your company, even if it feels that way.” states Alice Bredin, an advisor for American Express Open. Calmly ask them their reasons for leaving, and be sure to really listen, because you can learn quite a bit, and you might be able to make a smart counteroffer, but only if they really want one.

According to Hank Gilman, an editor at Fortune magazine, “If it’s partly about money, I’ll get you some more. If it’s about your title, we can do something about that. (It’s only words.) But if you really want a new job — or need a change — take it.”

Sometimes it really is just a need for change, and there is nothing you can do but be gracious about the situation.

An exit survey is a very important step that should be taken seriously. Not only will you learn about your staff members’ personal experiences with your company, this step will give you valuable insight into the way your company works. It will also help you to retain your other employees.

The information you acquire from the exit survey also helps you to re-examine the position they are leaving. It allows you to make improvements to the job description, and examine how your company can improve its relationship with its employees.

The feedback you get from the exit survey will give you a better idea of the type of person you want to fill the position. It is much better to wait for the best candidate than to hire the first person that applies for the job.

Provide your current team with clear career paths, and have everyone interested in every job. The likelihood of someone on your team who can make the move to the now vacated position will drastically improve.

While the loss of a key employee is painful, there is much you can learn from it. The knowledge you gain about your company and its culture can help you to avoid losing other important team members.

With the right tools, you’ll be able to learn more about how an employee feels about their work, and potentially address an issue before it arises. This is where 360 degree feed back software can help you retain your best employees.

Grapevine Evaluations provides easily customizable online 360 degree software that can provide crucial feedback about employees from everyone they work with, including themselves. To learn more about how our 360 degree feedback can help your company, or to set up a one-on-one demo, contact Grapevine Evaluations today.